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Offline fav

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Multisig & Escrow
« on: June 18, 2015, 10:42:30 AM »

My plan is to offer a "silent" escrow.


Idea:

user1 and user2 agree to use escrow.fav as 3rd key.

user1 and user2 trade, everything goes well. they release funds. escrow.fav is not needed

Dispute example:

user2 opens a dispute, because user1 did not deliver. they now need escrow.fav to judge.

both parties inform me about the situation and I open a dispute case. I will then make a decision based on proof and facts and decide to follow either user1's release request or user2's.

does that make sense?

Offline santaclause102

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Re: Multisig & Escrow
« Reply #1 on: June 18, 2015, 10:45:19 AM »
Makes total sense!
What is silent about it?


Offline xeroc

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Re: Multisig & Escrow
« Reply #3 on: June 18, 2015, 12:10:55 PM »
Go for it! ..
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Offline santaclause102

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Re: Multisig & Escrow
« Reply #4 on: June 18, 2015, 12:24:29 PM »
Makes total sense!
What is silent about it?

that I don't have to know about trades UNTIL there's a dispute. so everyone could add a trusted escrow and only activate it on dispute.
I'd call it dispute resolution service (through mulstisig):)

Offline carpet ride

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Re: Multisig & Escrow
« Reply #5 on: June 18, 2015, 12:35:51 PM »
What if there were multiple escrow agents to one transaction? then the buyer and seller could trust the escrow system even more.  If the transaction fails, funds would be transferred to wherever the majority of escrow agents vote it should go.


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Offline fav

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Re: Multisig & Escrow
« Reply #6 on: June 18, 2015, 12:42:08 PM »
Makes total sense!
What is silent about it?

that I don't have to know about trades UNTIL there's a dispute. so everyone could add a trusted escrow and only activate it on dispute.
I'd call it dispute resolution service (through mulstisig):)

haha great name. I'll remember it once I open the escrow offer dispute resolution service thread :)

Offline fav

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Re: Multisig & Escrow
« Reply #7 on: June 18, 2015, 12:47:06 PM »
What if there were multiple escrow agents to one transaction? then the buyer and seller could trust the escrow system even more.  If the transaction fails, funds would be transferred to wherever the majority of escrow agents vote it should go.


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very problematic. example 3 escrows could outvote user1 + user2. I'm not too sure, but what if it's possible to make a complete new transaction to one of the escrows if they overpower users?

Offline xeroc

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Re: Multisig & Escrow
« Reply #8 on: June 18, 2015, 01:24:45 PM »
Just a quick dropin: with bts2.0, we will see threshold signatures which allow even more sophisticated constructions:
33% buyer and seller
15% escrow A
15% escrow B
3% escrow for escrow A and B
Threshold: 51%
As i am on vacation i just made the numbers up .. but they seem reasonable ..
« Last Edit: June 18, 2015, 05:22:24 PM by xeroc »
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Offline fav

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Re: Multisig & Escrow
« Reply #9 on: June 18, 2015, 01:46:11 PM »
Just a quick dropin: with bts2.0, we will see threshold signatures which allow even more sophisticated constructions:
33% buyer and seller
15% escrow A
15% escrow B
3% escrow for escrow A and B
Threshold: 50%
As i am on vacation i just made the numbers up .. but they seem reasonable ..

2 escrows is another problem. what if they choose the other side?

Offline cylonmaker2053

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Re: Multisig & Escrow
« Reply #10 on: June 18, 2015, 01:58:12 PM »
What if there were multiple escrow agents to one transaction? then the buyer and seller could trust the escrow system even more.  If the transaction fails, funds would be transferred to wherever the majority of escrow agents vote it should go.


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How about an escrow system/DAC that basically just acts as a market for paring customers with escrow service providers (not escort service providers)? Embed a reputation system for feedback and then customers can shop around using price and quality measures that make sense to them.

@fav can be the first escrow service provider, but ideally the system would attract people/businesses who could do this for a living, get really good at it, and keep adding value for clients.

Offline fav

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Re: Multisig & Escrow
« Reply #11 on: June 18, 2015, 02:27:32 PM »
What if there were multiple escrow agents to one transaction? then the buyer and seller could trust the escrow system even more.  If the transaction fails, funds would be transferred to wherever the majority of escrow agents vote it should go.


Sent from my iPhone using Tapatalk

How about an escrow system/DAC that basically just acts as a market for paring customers with escrow service providers (not escort service providers)? Embed a reputation system for feedback and then customers can shop around using price and quality measures that make sense to them.

@fav can be the first escrow service provider, but ideally the system would attract people/businesses who could do this for a living, get really good at it, and keep adding value for clients.

openbazaar is working on something like this for their decentralized market place. would be amazing if we could achieve it faster :D

Offline cylonmaker2053

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Re: Multisig & Escrow
« Reply #12 on: June 18, 2015, 02:43:39 PM »
How about an escrow system/DAC that basically just acts as a market for paring customers with escrow service providers (not escort service providers)? Embed a reputation system for feedback and then customers can shop around using price and quality measures that make sense to them.

@fav can be the first escrow service provider, but ideally the system would attract people/businesses who could do this for a living, get really good at it, and keep adding value for clients.

openbazaar is working on something like this for their decentralized market place. would be amazing if we could achieve it faster :D
[/quote]

Awesome! Yes, this type of shadow arbitration system is inevitable esp w/blockchain tech. Great to see there are people working on it!

Offline xeroc

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Re: Multisig & Escrow
« Reply #13 on: June 18, 2015, 05:24:57 PM »
Just a quick dropin: with bts2.0, we will see threshold signatures which allow even more sophisticated constructions:
33% buyer and seller
15% escrow A
15% escrow B
3% escrow for escrow A and B
Threshold: 50%
As i am on vacation i just made the numbers up .. but they seem reasonable ..

2 escrows is another problem. what if they choose the other side?
I revised my threshold to 51% ..
buyer and seller choose a separate escrow .. whoever they trust ..
3% escrow can be chosen arbitrary .. maybe on a consensus among A and B

Issue you can solve this way is, even though I would trust you .. the other party may not ..
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